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BU354 (259)

Ch10 - Strategic Pay Plans

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Shawn Komar

Chapter 10 Strategic Pay PlansThe Strategic Importance of Total Rewards Total rewards is an integrated package of all rewards monetary and nonmonetary extrinsic and intrinsic gained by employees arising from their employment aligned with business strategyFive Components of Total Rewards 1 Compensation includes direct financial payments eg wages salaries incentives commissions bonuses 2 Benefits indirect payments in the form of financial benefits eg insurance and vacations 3 Worklife programs rewards relating to programs that help employees do their jobs effectively eg flexible scheduling telecommunicating childcare 4 Performance and recognition includes payforperformance and recognition programs5 Development and career opportunities focuses on planning for the advancement eg tuition assistance professional development sabbaticals coaching and mentoring opportunities succession planning etcImpact of RewardsAre to attract retain and motivateengage employeesEngagementa positive emotional connection to the employer and a clear understanding of the strategic significance of the job which results in discretionary effort from the employeeBasic Considerations in Determining Pay RatesLegal Considerations in Compensationvary from jurisdiction to jurisdiction o EmploymentLabour Standards Act Canada Labour Codeo Pay Equity Acts o Human Rights Acts o CanadaQuebec Pension Plan o Workers Compensation Laws o Employment Insurance ActUnion Influences on Compensation Decisionswage rates are central to collective bargainingCompensation Policiesincludes the basis for salary increases promotion and demotion policies overtime pay policy and policies regarding probationary pay and leavesEquity and Its Impa
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